Chicagoland NW Suburban IL Real Estate: Hoffman Estates $32 Million Sale For New Company HQ as area growth continues…

Things are certainly on the up for Hoffman Estates - commerical real estate is being snapped up as companies are relocating to the area adding to the regions growth. This naturally has a knock on effect…

Bill McLeod, Mayor of Hoffman Estates said: “Recent interest in vacant retail and business locations within Hoffman Estates encourages us to look forward to expanded economic development within the village in 2010.”

As I recently wrote, the Village is taking over the Sears Center as part of its plan for the future. Now a New York investment firm paid $32 million for the new North American headquarters of a Japanese company.

An affiliate of W. P. Carey & Co. paid about $314 a square foot for the 102,000-square-foot office and warehouse at 2400 Huntington Blvd. in northwest suburban Hoffman Estates as part of the Huntington Woods Corporate Center. The recently completed two-story building was built for machine tool maker Mori Seiki USA Inc., which has a 20-year lease. The all-cash deal closed Monday is part of the beginning for the whole Huntington Woods Corporate Center which plans to grow. Plans for the 67-acre Huntington Woods Corporate Center, near I-90 and Barrington Road, include offices, a movie theater and two restaurants totaling 30,000 square feet.

This is very exciting news for the area. After all, with residential real estate on the up for the state for November 2009 up 64% over November 2008 and up 71.6% for the Chicago area according to the Illinois Association of Realtors.  Not to mention in Hoffman Estates home sales have increased 23%! With the economic recovery well underway now the state is looking forward to 2010 where the 2010 economic outlook for housing is the best since 2005!

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